What Is The General Eligibility For A Credit Card?

credit cards for beginners

With increasing ease of access and higher disposable income, consumption patterns have undergone a drastic change. Today, you can either make a purchase through cash or you can use short-term credit mediums like Credit Cards. The usage of Credit Cards also makes shopping safer and provides a range of incentives to customers. India is primarily a Debit Card market, but the use of Credit Cards is rising rapidly.

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• Age: To apply for a Credit Card, one needs to be at least 18 years old. However, since a large majority doesn’t start earning by 18, most banks issue a Credit Card only after the applicant has attained the age of 21. Just like the minimum age, the maximum age differs for every bank, with most banks issuing Credit Cards till the age of 60.
• Annual salary: Credit Cards offer credit for a short period of time. One has to pay his/her pending dues at the end of every month. Banks take into account the servicing ability of the applicant before issuing a card.
• Nationality: A wide variety of banks cater to the Indian market that includes domestic as well as foreign banks. Citizens, residents, and non-residents can apply for a Credit Card, but some banks issue Credit Cards only to Indian nationals. It is imperative to check the exact Credit Card eligibility with the specific banks before applying for a card.

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These are the basic conditions to apply for a Credit Card. However, there are certain factors that have an impact on the issuance of Credit Cards:

• credit score: With the emergence of digital payments and tools, it has become easier to track the spending patterns of customers.
• Existing debt: When you use a Credit Card, you essentially take on debt. If you already have a lot of debt, it doesn’t make sense for the bank to provide you with a tool for additional debt.
• Employment: No bank would like to trust an applicant who doesn’t have a stable source of income.
• Residence: While you can apply for a Credit Card online, certain banks take the place of residence into consideration. Some Credit Cards are only available to people residing in a particular city or region.